Mar
20

Stratham Place Apartments Renovation Financing Complete

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strathamBywater Development Group and its Greenville based development partner, DuPree Development, are pleased to announce the closing on all financing needed for the fully transformational rehabilitation and preservation of the Stratham Place Apartments in Greenville, SC. This 88-unit apartment community, which was originally constructed in the 1950’s, has long been in dire need of a full reimaging, repositioning and overall update. The completed product of this $14.6M revitalization will provide both a major physical investment to this property that repositions it as an asset and anchor for the continued positive growth of the community. Of equal importance, this redevelopment will ensure this property will serve as long term, high quality, well operated affordable housing for families in the thriving and dynamic Greenville community; which presently has an ever-growing need for affordable housing of all types.

This development would not be possible without a tremendous amount of support, assistance and partnership from the City of Greenville – including the Mayor and City Council, the City’s Community Development Department, the City’s Building/Engineering departments and the City’s Planning staff/Plan Commission.

This highly collaborative effort would not be taking place without affordable housing tax credit financing, a great deal of hard work and overall sense of partnership from the South Carolina State Housing Finance & Development Authority.

By making both RAD and PBV rental assistance available to this development, The Greenville Housing Authority is greatly assisting in making this development feasible and insuring long term affordability for its residents.

The newly created Greenville Housing Fund is providing much needed financial support, without which the comprehensive revitalization scope for this property would not be achievable.

Through their highly responsive and most diligent efforts in operating this property in its present condition through a challenging holding period prior to the start of this rehabilitation, Vista Capital Management Group has been instrumental and vital in bringing this plan into reality.

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    Categories : Greenville

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